USD/CNH has struggled to overcome crucial graphical hurdle of 7.37 representing highs of 2022/2023, BBH FX analysts report.
Short-term price action can remain constricted
“A brief pullback is taking shape after this test. The pair has failed to defend the 50-DMA denoting lack of steady upward momentum. Recent pivot low of 7.24/7.23 is an important support zone. Short-term price action could remain constricted within limits of 7.24/7.23 and 7.37; a break beyond one of these bands would be crucial for confirming a directional move.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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